How are YANG bear put spread max profit and max loss calculated?

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the YANG bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 55.70%), the computed maximum profit is $90.00 per contract and the computed maximum loss is -$110.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a YANG bear put spread?

The breakeven for the YANG bear put spread priced on this page is roughly $28.90 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The YANG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.97%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current YANG implied volatility affect this bear put spread?

YANG ATM IV is at 55.70% with IV rank near 11.32%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

YANG Bear Put Spread Strategy

YANG (Direxion Daily FTSE China Bear 3X ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

The Direxion Daily FTSE China Bear 3X ETF is designed to deliver daily returns that are three times (300%) the inverse movement of the FTSE China 50 Index, before any fees or expenses are applied. It is important to note, however, that there is no assurance the fund will always meet its stated daily investment goals.

YANG (Direxion Daily FTSE China Bear 3X ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $96.3M, a beta of -0.89 versus the broader market, a 52-week range of 19.94-42.22, average daily share volume of 912K, a public-listing history dating back to 2009. These structural characteristics shape how YANG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -0.89 indicates YANG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. YANG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a bear put spread on YANG?

A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.

YANG snapshot

As of August 14, 2026, spot at $29.89, ATM IV 55.70%, IV rank 11.32%, expected move 15.97%. The bear put spread on YANG below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this bear put spread structure on YANG specifically: YANG IV at 55.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a YANG bear put spread, with a market-implied 1-standard-deviation move of approximately 15.97% (roughly $4.77 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated YANG expiries trade a higher absolute premium for lower per-day decay. Position sizing on YANG should anchor to the underlying notional of $29.89 per share and to the trader's directional view on YANG etf.

YANG bear put spread setup

The YANG bear put spread below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With YANG at $29.89 on that close, the first option leg uses a $30.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed YANG chain at a 35-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 YANG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$30.00	$2.13
Sell 1	Put	$28.00	$1.03

YANG bear put spread risk and reward

Net Premium / Debit: -$110.00
Max Profit (per contract): $90.00
Max Loss (per contract): -$110.00
Breakeven(s): $28.90
Risk / Reward Ratio: 0.818

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.

YANG bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on YANG. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	+$90.00
$6.62	-77.9%	+$90.00
$13.23	-55.8%	+$90.00
$19.83	-33.6%	+$90.00
$26.44	-11.5%	+$90.00
$33.05	+10.6%	-$110.00
$39.66	+32.7%	-$110.00
$46.26	+54.8%	-$110.00
$52.87	+76.9%	-$110.00
$59.48	+99.0%	-$110.00

When traders use bear put spread on YANG

Bear put spreads on YANG reduce the cost of a bearish YANG etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.

YANG thesis for this bear put spread

The market-implied 1-standard-deviation range for YANG extends from approximately $25.12 on the downside to $34.66 on the upside. A YANG bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on YANG, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current YANG IV rank near 11.32% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on YANG at 55.70%. As a Financial Services name, YANG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to YANG-specific events.

YANG bear put spread positions are structurally moderately bearish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. YANG positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move YANG alongside the broader basket even when YANG-specific fundamentals are unchanged. Long-premium structures like a bear put spread on YANG are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current YANG chain quotes before placing a trade.

Frequently asked questions

What is a bear put spread on YANG?: A bear put spread on YANG is the bear put spread strategy applied to YANG (etf). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With YANG etf at $29.89 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed YANG chain strike and the premiums come straight from that session's bid/ask midpoint.
How are YANG bear put spread max profit and max loss calculated?: Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the YANG bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 55.70%), the computed maximum profit is $90.00 per contract and the computed maximum loss is -$110.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a YANG bear put spread?: The breakeven for the YANG bear put spread priced on this page is roughly $28.90 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The YANG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.97%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a bear put spread on YANG?: Bear put spreads on YANG reduce the cost of a bearish YANG etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
How does current YANG implied volatility affect this bear put spread?: YANG ATM IV is at 55.70% with IV rank near 11.32%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.